Graff Diamonds, established in 1960 by London-born Laurence Graff, has grown to become synonymous with only the finest and rarest of diamonds and in 2018 has more than 45 of its own stores across Europe, Asia, the United States and South Africa. To manage the financial success of the company, Graff Diamonds has also expanded and localized finance teams. However, increasing operational inefficiencies and a desire to have more accurate decision support has driven Graff to bring-on modern finance solutions from Kyriba.
CFO Andrew Nicholson set out to change the company’s inefficient and manual work-flows with a treasury-led finance transformation to achieve greater decision support derived from monthly accounting on an accrual basis, better cash management, stronger controls and global visibility of cash with less reliance on spreadsheets.
Prior to launching a new cloud-based finance solution, monthly accounting was always done on a cash rather than accrual basis, which was a complicated exercise due to the reconciliation of multiple banks and currencies for every entity across 15 different countries.
“The main benefit I personally get from Kyriba is risk mitigation through much greater confidence in my treasury,” said Nicholson. “I receive meaningful data to analyze, including automated standardized reports and accurate cash forecasts.”
The result of the new solution has given Nicholson and the treasury team at Graff Diamonds the ability to make more informed strategic decisions and drive cost savings, which in turn has positively benefitted the efficiency of the treasury team and growth of the company.
For the complete interview with Graff Diamonds’ CFO Andrew Nicholson, read Sixty Seconds with Graff Diamonds.